Saturday, August 21, 2010
Debating capitalism in Edinburgh
Posted by David Smith at 11:30 AM
Category: Thoughts and responses

On Thursday I found myself debating the future of capitalism with Professor John Holloway, author of Crack Capitalism, at the Edinburgh book festival. Given that Edinburgh was in some ways at the centre of the banking crisis, with Royal Bank of Scotland and Bank of Scotland (part of HBOS) now wholly or partly state-owned, it was not the easiest of wickets.

My bottom line was that, while a particular version of financial capitalism produced one of capitalism's periodic manias, panics and crashes, capitalism will survive the crisis. To paraphrase one former prime minister, Winston Churchill, capitalism has many faults but it is better than any of the alternatives. To paraphrase another, Margaret Thatcher, there is no alternative,